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MOL-Oman Shipping to establish tanker jv

MOL-Oman Shipping to establish tanker jv

Tokyo: Mitsui OSK Lines has signed a memorandum of understanding (MOU) with state owned Oman Shipping (OSC), for joint ownership of a new LR2-type 110,000 ton product tanker. The new company is the first step in a long-term plan by both parties to increase MOL's involvement in Oman's ocean shipping business. The agreement would see the Japanese company help manage not just in Oman's dry bulker sector but also its LNG and oil tanker sectors.

The Japanese company will offer support and advice concerning new vessel construction, shipowner operation, ship management, ship operation, and company management, and will help develop the personnel necessary for Oman's ocean shipping industry and other related operations, including seafarers.

In a statement, MOL said, "The move will help both companies respond to increased demand for shipping service as Oman's economy grows. Establishing a new joint company for an LR2 product tanker enhances the partnership with OSC, and MOL will continue its proactive approach to resource and energy transport."

MOL and OSC have a history of joint ventures starting June 2005 encompassing VLCCs, Product tankers and lpg carriers. The latest JV is the fifth joint tanker project for the two companies. The companies currently jointly own six LNG carriers, five tankers and have large LPG carriers on order for undisclosed delivery.  [12/06/07]